How are property taxes calculated?

Property Tax Equation

  • Property Taxes = Taxable Value / 1,000 x Your Local Millage Rate

The Inflation Rate Multiplier is determined annually by the State Tax Commission. For 2009 A 1.044 multiplier (4.4% increase) has been used in the following examples.

Show All Answers

1. What are property taxes based on?
2. What Is Assessed Value?
3. What Is State Equalized Value (SEV)?
4. What is Taxable Value?
5. What is a notice of assessment?
6. How are property taxes calculated?
7. What happens when you purchase a home?
8. What is a principal residence exemption?